CON Long Put Strategy
CON (Concentra Group Holdings Parent, Inc.), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NYSE.
Concentra Group Holdings Parent, Inc. is a U.S.-based provider of occupational health solutions. The company delivers a comprehensive suite of occupational and consumer health services, encompassing treatment for workers' compensation injuries, urgent care, diagnostic clinical testing, preventative health measures, and employer-specific programs, along with wellness initiatives. These services are accessible through their network of occupational health centers and onsite clinics. Furthermore, Concentra offers specialized solutions like Concentra Telemed, a telemedicine platform for addressing work-related injuries and illnesses and supporting employer services; Concentra Pharmacy, providing pharmaceutical solutions; and Concentra Medical Compliance Administration, a third-party administrative service that assists employers in managing drug abuse testing programs for both regulated and non-regulated workforces. Established in 1979 and headquartered in Mechanicsburg, Pennsylvania, the company functions as a subsidiary of Select Medical Corporation.
CON (Concentra Group Holdings Parent, Inc.) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $3.86B, a trailing P/E of 21.45, a beta of 0.82 versus the broader market, a 52-week range of 18.545-30.24, average daily share volume of 800K, a public-listing history dating back to 2010, approximately 9K full-time employees. These structural characteristics shape how CON stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places CON roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CON pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CON?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current CON snapshot
As of June 29, 2026, spot at $29.79, ATM IV 39.40%, IV rank 8.16%, expected move 11.30%. The long put on CON below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this long put structure on CON specifically: CON IV at 39.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a CON long put, with a market-implied 1-standard-deviation move of approximately 11.30% (roughly $3.36 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CON expiries trade a higher absolute premium for lower per-day decay. Position sizing on CON should anchor to the underlying notional of $29.79 per share and to the trader's directional view on CON stock.
CON long put setup
The CON long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CON near $29.79, the first option leg uses a $29.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CON chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CON shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $29.79 | N/A |
CON long put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CON long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CON. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use long put on CON
Long puts on CON hedge an existing long CON stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CON exposure being hedged.
CON thesis for this long put
The market-implied 1-standard-deviation range for CON extends from approximately $26.43 on the downside to $33.15 on the upside. A CON long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CON position with one put per 100 shares held. Current CON IV rank near 8.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CON at 39.40%. As a Healthcare name, CON options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CON-specific events.
CON long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CON positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CON alongside the broader basket even when CON-specific fundamentals are unchanged. Long-premium structures like a long put on CON are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CON chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CON?
- A long put on CON is the long put strategy applied to CON (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CON stock trading near $29.79, the strikes shown on this page are snapped to the nearest listed CON chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CON long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CON long put priced from the end-of-day chain at a 30-day expiry (ATM IV 39.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CON long put?
- The breakeven for the CON long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CON market-implied 1-standard-deviation expected move is approximately 11.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on CON?
- Long puts on CON hedge an existing long CON stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CON exposure being hedged.
- How does current CON implied volatility affect this long put?
- CON ATM IV is at 39.40% with IV rank near 8.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.